The strategy has become the first company listed on the stock market to adopt Bitcoin as the principle of reserve of the Treasury in August 2020, but few large technological companies have followed since.
Treasury reserves, sometimes called cash reserves, are held by companies to finance short -term or emergency bonds. These are generally cash or cash equivalents such as money market funds or three -month American cash bills.
The social media giant meta maintains $ 72 billion in liquid assets in its reserve. But during its annual meeting on May 28, shareholders resumed a proposal to assess if Bitcoin (BTC) could be considered as an active reserve of the Treasury. The proposal was rejected by a ratio of 1,221 to 1.
This rejection in itself is not so surprising. Despite the growing adoption of corporate bitcoins, large technologies and most traditional companies remain cautious. The American technology giant Microsoft also voted similar proposals in December 2024.
Meta’s failed bitcoin proposal, rejected by an overwhelming majority, raises questions about institutional preparation to adopt the crypto.
Bitcoin’s volatility weakens its treasure assets affair
All this could simply be a misunderstanding. Cryptographic supporters may not have realized that business treasury bills are more like emergency funds: being used in the event of natural disasters or pandemics or supporting daily commercial operations, but not as a speculative investment platform, said professor of New York Damodaran University.
“I think it’s madness,” he told Cintelegraph, discussing the recent proposal of the meta proposed by Bitcoin Ethan Peck lawyer. Damodaran said he couldn’t think of “a semblance of reason why it is a good idea”.
In relation: Michael Saylor teases a fresh bitcoin purchase after $ 1 billion
Damodaran has a reputation as an cryptographic skeptic. But even the finance professor at Duke University.
Campbell Harvey, who wrote a book on decentralized finance and is above all positive on the future of blockchain technology, disdaining the Bitcoin Treasury initiative, saying at Cointelegraph:
“If meta-investors want to have Bitcoin, they can buy it themselves. It is not clear what role the cryptos play in a cash function unless the company does business in a crypto like Bitcoin.”
Stable It is properly qualified as a cash reserve, as they are generally liquid and fixed to an underlying asset, such as the US dollar, said Harvey, comparing Bitcoin to a very volatile instrument which is not suitable for business reserves.
Bitcoin BluePrint of the strategy inspired other companies to jump on the train, suggested Harvey. The MSTR of Strategy marked an increase in actions of 2,466% since the technological company made BTC its main reserve asset, outperforming companies like Nvidia, Tesla, Google and Microsoft.
“But the strategy has bet the company to turn into an active bitcoin fund,” said Harvey, adding:
“If a company wants to make a strategic investment in Bitcoin, just as it could make a strategic investment in a startup, I have no problem with this. It is a risky investment, and companies do it all the time. Do not call it a treasure asset.”
However, the metas of the world often have billions of dollars in their cash reserves, and this money is often simply parked, earning little interest. For professional investors, it is something like a sin.
“Meta is permanently with billions in cash,” said David Tawil, president and co-founder of the next capital, at Cointelegraph. “They are still holding money.” They would better put a part of it in Bitcoin, both for diversification, but also to isolate them against an inflating dollar.
James Butterfill, head of research in the Coinshares digital asset investment company, told Cointelegraph that a 3% Bitcoin allowance can double the Sharpe ratio of a fund, a gauge used to assess the performance adjusted at risk.
The own coinshares survey, which follows 1 billion of dollars of assets under management (AUM), shows that the average distribution of digital assets increased to 1.8% in April 2025 from 1% in October 2024. “The adoption pace accelerates faster than we had planned,” added Butterfill.
Sign of a more prudent bitcoin approach
Meta shareholders’ vote can reflect a broader feeling of prudence among traditional business and institutional investors with regard to Bitcoin. But CEO Mark Zuckerberg controls 61% of Meta’s voting power, so it is therefore not necessarily a representative sample of Corporate America.
Stefan Padfield, Executive Director of the Free Enterprise Project at the National Center for Public Policy Research, told Cintelegraph that the boards of directors and managers are probably as divided on Bitcoin as economists and politicians: “It is therefore not surprising that we see companies – including technological companies – take different positions on When it comes to Bitco-Bitco ”.
And maybe there is less here who meets the eye. Padfield added:
“Although the proposal simply requires the consideration of Bitcoin, it can always be rejected simply because managers and investors do not want us not to say what to do in this space.”
Meanwhile, some of the largest asset managers in the world such as Fidelity and Blackrock have warned the crypto. Blackrock recently recommended that investors are planning to put up to 2% of their Bitcoin portfolio for diversification.
Bitcoin Treasury’s initiatives have increased worldwide. On June 3, the Blockchain Group, based in Paris, announced that it had added $ 68 million bitcoin to its corporate treasure. On June 4, K Korea, K Wave Media announced his intention to raise $ 500 million to buy Bitcoin in what he described as a “treasury strategy”.
At least 72 new companies have adopted Bitcoin this year, said Butterfill, although “many of these movements seem more motivated by the desire to flatter their prices of actions rather than by a real belief in the long -term value of the maintenance of bitcoin on the balance sheet.” A truly strategic allowance requires a long-term state of mind, he said.
But what about large companies whose main activity has nothing to do with cryptographic or blockchain technology? Until now, Tesla stands alone among this group, noted the butterfly, adding:
“Given the current trends, it is likely that we will possibly see a large capitalization company add Bitcoin to its balance sheet.”
However, returning to Meta, the rejection report of 1,221: 1 was rather categorical, right?
Meta shareholders may have reacted excessively to the so-called Bitcoin volatility, suggested the butterfly. “Bitcoin has presented volatility constantly lower than the meta for more than two months now, and this trend maintains FAOG stocks more widely,” he said.
Padfield added: “I’m still worried that people read too much in the stockings [proxy] Vote counts. In this case, this can simply be a reflection of a desire to avoid being “forced” to consider bitcoin that a rejection of the bitcoin itself. »»
Review: Baby-boomers worth $ 79 t finally get on board with Bitcoin
